Anthropic prospectus: 4.6 billion in revenue in 2025, 42 billion in net loss

The IPO document shows twelve-fold revenues, an operating loss of more than $8 billion, and $518 billion in infrastructure commitments.

Anthropic's IPO prospectus, the contents of which were leaked on September 28, gives complete figures for the first time. Revenues for 2025 reached nearly $4.6 billion, twelve times those of the previous year. The operating loss exceeded $8 billion.

The net loss of $42 billion is worth reading in two parts: about $34 billion is an undisbursed accounting charge related to financing instruments convertible into shares, and therefore does not correspond to a cash outflow. The rest reflects the real cost of operations. Compute and infrastructure expenses reached $7.33 billion for the year, three times the amount in 2024.

The figure that sets the scale of the bet lies elsewhere: $518 billion in cloud, compute and infrastructure commitments to be honored over the coming period. Anthropic is reportedly targeting a valuation of more than $2,000 billion, compared to $965 billion estimated in May.